Study Shows Homeowners Are Spending More on Remodeling
In the last couple of years, homeowners around the world have been forced to rethink their home situation, hence why most of them are spending a lot of cash on at-home renovations. One of the driving factors behind this amazing home remodeling boom is out of necessity; people have been forced to stay at home more, but they still need to work.
Therefore, they have made improvements to accommodate life at home and changes in their work schedules. According to houzz.com, in 2020, the average number of remodels jumped by about 15% compared to 2019. Homeowners who decided to undertake basic home remodeling in 2020 spent about $2,100 more than if they had remodeled in 2019.
For larger architecture remodeling projects that require a remodeling contractor, such as a major kitchen overhaul, people may have spent roughly $5,000 more. However, these figures can also vary since costs vary from state to state.
What a homeowner in Los Angeles, California, spent on remodeling might not be a priority to a homeowner in Las Vegas, Nevada, because the homes in these cities are built differently, and the climate is different as well. That said, keep reading to learn more about why homeowners are spending more on renovation and the different designs they’re adopting.
Is your current home not suitable anymore? Maybe the rooms are too small, or the kitchen seems outdated, from cabinets to appliances. Instead of moving, why not remodel your home? Home remodeling has many advantages, and to enjoy the benefits, consult home remodeling contractors who are always ready to transform your home into your dream house. In addition, home remodels will add value to your house. A kitchen, bathroom remodel, or upgrading some features can increase the property’s value. However, if your target is resale, look for cheap home makeover ideas to get a return on investment.
A home remodel can customize your house. Maybe the house has every feature, but nothing matches your personality or style. Although such a large scale remodel can cost you a lot, you can try out cheap renovations such as changing the room’s layout, adding a fireplace, or having affordable kitchen renovations. Home remodel reduces your utility bills and maintenance. New energy-efficient fixtures and replacing or repairing a leaking roof can help you save money in the long run. Consult a professional home remodeler and create a budget. A professional will work within your means and help you get affordable renovation ideas. However, involve your family members when deciding on renovations.
When it comes to construction, many people likely think of building a new home. However, the latest in remodeling news shows that a growing number of clients who hire contractors are more interested in making changes to their current home. What’s more, they are also spending more money to get the results they want.
According to a survey conducted by Angie’s List, a website that uses customer reviews to rank local American businesses, more than 60% of contractors’ clients are planning to spend more money on home improvements than the previous year. However, this change isn’t due to a jump in prices: instead, the projects themselves are getting bigger.
After interviewing affiliated contractors, the study found that 25% of consumers are planning to spend $10,000 or more on home improvements in 2015. The remodeling projects that make up these amounts often focus on the kitchen, bathrooms and bedrooms. These are often typical project areas, with bathroom remodels offering significant returns on a homeowner’s investment. However, the survey also found that homeowners are increasingly asking for bigger closets and pantries, an interesting trend.
Angie Hicks, the founder of Angie’s List, says that the higher prices are likely linked to a number of design trends that have become popular in recent years. While remodeling the typical bathroom might have cost roughly $15,000 in the past, for example, Hicks says homeowners are increasingly choosing to install master bathrooms, which can start at $20,000 and cost as much as $50,000. Similarly, she pointed out that stainless steel appliances have become extremely popular, adding several thousand dollars to a homeowner’s planned expenses.
Hicks’ theories, as well as the survey’s findings, have been corroborated by many contractors around the United States, who have seen certain trends and remodeling work in general become more popular in recent years.
“Historically speaking, remodeling has always been a busy industry that doesn’t seem to be slowing down anytime soon,” says John Gubisch, Vice President of Smith Thomas Smith. “Instead of looking for a brand new house in the suburbs, we’re seeing homeowners would rather stay in more urban areas but will opt for an updated kitchen or bathroom. At the moment, we’re seeing a demand for bathroom tiles — instead of wood — and higher premium kitchen appliances.”